This is pension calculator
This SME toolkit helps to calculate amount both employee & employer are to contribute into retirement pension scheme in favour of the employee.
According to Nigeria Pension Commission, employee is expected to contribute 8% of the sum of his basic salary, housing allowance, and transport allowance.
The employer however is required to contribute minimum of 10% of the same sum.
The amount thus contributed by the employee is tax exempted.
There are valid grounds for withdrawals from the retirement saving account before attainment of 50 years of age.One is when out of employment for a period of 4 months. See the links below for other reasons.
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